1. The latest numbers indicate that a divergence between local and national data is narrowing.

2. The divergence suggests either an acceleration in retail sales later this year or a decline in consumer confidence.

3. The divergence may either require prices to decline or salaries to rise at a faster pace, they said.

4. But the divergence between the United States and most of the rest of the world is striking and carries some risks.

5. As you can see, the last two times there was a big trend divergence, a bust soon followed.